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Oct 14, 2013 2:30pm PDT
international trade making it harder to solve domestic economic problems?" by 1985, the economy appeared to be slowing down, and economists were still asking what to do about the next recession. activist theories of fiscal and monetary policy have dominated economics since the depression. by the mid-1980s we were doubting our ability to manage the economy. stabilization policy-- are we still in control? we'll investigate that with economic analyst richard gill's help on this edition of economics usa. i'm david schoumacher. for many years after the great depression national economic policy's basic goal was minimizing unemployment. but the winter of 1982 saw 12 million unemployed. many complained they were victims of a needlessly cruel government policy. public enemy number one was inflation, and jobless workers were the war casualties. the battle cast new doubt on the government's ability to manage the economy or the wisdom of even trying. why was stopping inflation so hard? the time has come for decisive action to break the vicious circle of spiraling prices and costs. inflation is do
Oct 14, 2013 2:00pm PDT
schoumacher. the federal reserve board is responsible for deciding how much money the economy needs to grow. in the early 1970s, the fed held to a policy of using the money supply to try to keep the economy on course. in times of inflation, the fed tightened the money supply to squeeze excess dollars out of the economy. in times of recession, it increased the money supply to stimulate growth. but in 1975, the fed, under the chairmanship of arthur burns, faced a new and troubling dilemma -- caught between persistent inflation and a growing recession, how did chairman burns keep the economy on course? by late 1974, inflation had become a serious economic problem. under pressure from rising fuel prices, inflation rose to a staggering 12%. inflated interest rates had driven up the price of mortgages and brought the building industry to a standstill. sales of new cars and home appliances plunged. in september, president gerald ford asked congress to join him in a battle against inflation. my first priority is to work with you to bring inflation under control. inflation is domestic enemy number o
Al Jazeera America
Oct 10, 2013 7:00pm EDT
cutting it could effect the u.s. economy. plus the financial outlook is getting better for more american cities, and we will introduce cow to the inventor who is using legos and other toys to make medical devices on the cheap. i'm david shuster in for ali velshi, and this is "real money." ♪ >> this is "real money," and you are the most important part of the show, so join our live conversation for the next hour by using the hashtag a.j. "real money" on twitter. ten days into a government shutdown and one week away from an october 17th debt ceiling meltdown. house republicans now appear ready for a deal of sorts that would exfengd the government's debt limit for six weeks. house leaders met with president obama thursday evening to discuss the proposal. talks will continue. in return for kicking the can down the road to november 22nd, republicans want president obama to sit down with gop leaders and negotiate longer-term budget issues. the president has already indicated he is ready to embrace temporary solutions to the crisis in washington, but republicans began this day of deal making w
Oct 10, 2013 2:00pm EDT
in the golden state. mr. speaker, a state that is the 12th largest economy in the world. california's economy is so big that its g.d.p. rivals that of some full-blown industrialized nation, including australia, spain, mexico, and south korea. the economy in california is crucial to the national economy, and i am here tonight with my colleagues to speak against the government shutdown that has been manufactured and orchestrated by the house republicans. a shutdown that is harming the national economy. a shutdown that is harming the california economy. and a shutdown that is harming the very communities that we represent. in my district, the 41st district, which represents riverside, more reno valley, paris, and the largest employer in my district, which is the reserve base with 8,500 people working at the base in some capacity. when the shutdown hit, 500 of these workers were affected by the furloughs. while congress passed legislation allowing these employees to go back to work, roughly 1,000 national guardsmen at the base still will not be able to drill this month and will not receive pay. i
Oct 11, 2013 5:30pm PDT
governors wrapped up two days of talks. their final statement says the world economy is facing down side risks. it highlights signs of improvement in major industrialized economies and slower growth in many emerging nations. the statement also focuses on the u.s. budget crisis. it says leaders need to take urgent action to address short-term fiscal uncertainties. it's rare for u.s. domestic issues to come under scrutiny at a g-20 meeting. analysts say the statement sends a strong warning that a u.s. default could seriously affect the world economy. the statement also says volatility in capital flows remains an important challenge. investors have been pulling their money out of emerging economies. they speculate that policymakers at the u.s. federal reserve are getting ready to scale back their stimulus measures. >>> japanese and canadian leaders are joining hands to help keep japan supplied with energy. they've ahold their countries will work together more closely to exploit canada's reserves of natural gas and shale formations. japan's minister of economy, trade and industry sat down wi
Oct 11, 2013 4:00am EDT
and they have been sent back. they were brought to washington and economy was closed down, and those people left and sent home. host: with 350 employees at the department of defense being furloughed, and the 350,000 being furloughed and then call back, and the cia calling back a lot of employees this week, could agencies have been better at planning for the shutdown? guest: i have talked to people in these agencies -- the leaders of these agencies expected the shutdown was going to be a few days, and as with a holiday period over christmas, the agencies can get by for a few days, but as they began to realize -- the secretary of defense -- the shutdown could go on for weeks, this is causing serious damage to our national security, putting the country at risk. bringing back almost all of those employees and whether they will get paid later on or when they will get paid is another issue. but i think the heads of these agencies just can't get by having so many people furloughed, so they just brought them back in and made the decision that we are going to declare them to be essential whether they get
FOX Business
Oct 13, 2013 1:00am EDT
is to pass t budget now. >> it would be dangerous to our economy. >> uertainty is for any economy. >> crashing the global economy. >> even se ceos and banks saying that no debt deal will be a very raw deal for the economy and the markets. but some here sadon't buy it. so who's right? hi, everyone. i'm bnda buttner. this is "bulls and bears." herehey are. we have gary b. smith, jonas farris, john layfield, larry glazer, and sasha burns. larry, failure to reach a d dea wot mean the endf the world? >> brenda, enough with the scare tactics. look, i know it' almost halloween. but the american people are sick and tired of being frightened into supporting mindless and endless government spending. look, not raing the debt ceiling not the same as a default. there's plenty of revenue to make interest and principle payments and to keep our accountscurrent. this is nedless frightening of the american pele, and they are not going to stand for it. they are fatigued. >> all right. sasha, are you frightened? >> you know, you're the first person i've hrd that has said that with a straight face. a
Oct 9, 2013 5:30pm EDT
economy. the prospect came closer to reality when president obama nominated janet yellen as his pick to head the u.s. federal reserve. our north american editor has the story. >> he knows what it is like having the weight of the world on his shoulders. she is about to find out. 67-year-old janet yellen has been lined up to run the central bank of the world's largest economy. her decisions will reverberate around the globe, affecting us all. she made it clear where her priorities lie. >> too many americans still cannot find a job and worry how they will pay their bills and provide for their families. the federal reserve can help if it does its job effectively. >> the daughter of a doctor and teacher from brooklyn, she served longer at the fed than any other senior official, on and off since 1977. she has been the number two there since nine -- 2010. in the 1990s she chaired bill clinton's council of economic advisers and has an impressive teaching career. shene thing from her cv -- spent her time between the fed and academia. she never went to wall street to make loads of money, and t
Oct 13, 2013 11:00pm PDT
's reputation and how that could affect the world's economy. and former secretary of defense, leon panetta. is the shutdown hurting our national security, and what he thinks is different today from the last shutdown in 1996. >> policy threats and basically holding the country hostage whether it's on a continuing resolution or debt ceiling or raising these kinds of blackmail approaches. >> i'm david gregory. all that ahead on this edition of "meet the press" for sunday, october 13. >> from nbc news in washington, the world's longest-running television program, this is "meet the press." >> and good sunday morning. wish there were better news to tell you but congress and plt obama are still crawling to the finish line in the race to end the fiscal crisis with the deadline this coming thursday. the focus is now in the senate. in session today, house speaker john boehner, and on saturday the talks between the house gop and president obama had broken down. so bottom line, there is no agreement on ending the shutdown of the government or raising the nation's debt limit. joining me now, the assist
Oct 14, 2013 3:35am EDT
how to make this less damaging to american families and our american economy because it is a huge problem. by the way, it's not just a glitch in terms of the rollout, it's a breakdown, having tried myself to get on yesterday. i feel sorry for the "new york times" researcher i heard about this morning who spent 11 days trying to get on and ended up with a blank screen. there are huge problems with it, let's be honest, and we ought to be sure we can minimize the damage. >> does secretary sebelius keep her job? >> absolutely. understand, we've been off to a rocky start for sure because 15 million people wanted to get on. why? because 40 or 50 million americans don't have any insurance. this is their first chance, many of them, to ever have health insurance. they're desperate for an affordable health insurance policy. we haven't had much help when it comes to funding the startup of obama care. >> senator roberts, your colleague in the senate, said secretary sebelius, head of health and human services, should resign. >> i don't think that will solve the problem, unfortunately. i think
Oct 11, 2013 8:00pm PDT
worried about dysfunctional government than they are about the jobs, about jobs and the economy. that's from two new polls out this week. my guess is this is why. >> it's very clear. one person has the key to open government and that's the speaker of the house. >> i'm ready to head up to the hill and try. but i'm not going to do it extreme parts of the republican party stop forcing john boehner to issue threats about our economy. we can't make extortion routine as part of our democracy. democracy doesn't function this way. >> the president said today was if there's unconditional surrender by republicans, he'll sit down and talk to us. that's not the way our government works. >> how is this going to end? we know how it's going to end. we know how it's going to end. sooner or later, the government will resume its function. sooner or later, we will raise the debt limit. the question is, is how do we get there? gwen: good question, senator mccain. balks amid all the finger pointing and all the blame, there has been some movement tonight. driven in part by evidence that voters are getting
Al Jazeera America
Oct 9, 2013 7:00pm EDT
. lawmakers in washington continue doing more harm than good to the economy nine days into a government shutdown in just over a week before the treasury runs out of money to pay the government's bills. congress appears still no close for a deal on east. if the debt ceiling is not raised the chance of economic chaos goes way up. on wednesday fidelity investments, one of the largest managers of money market mutual funds confirms it does not own any treasury debt that matured in october or november. >> in other words, fidelity doesn't want to own government debt that might not get paid back on time. it's all kind of complicated we know. but all of us including congress would benefit if more americans understood what the debt ceiling is and is not. many think that raising the debt ceiling authorizes the government for future spending. that's wrong. it authorizes the country to pay off the bills that the government has already spent. this could be cataclysmic for the economy. in september, federal chairman ben bernanke warned that failure of raising the debt ceiling could have serious conseq
Oct 7, 2013 5:00pm PDT
of an impact the shutdown will have on the economy. in terms of the economy as a whole, bloomberg reports the cost of partially shutting down the government comes at 300 million dollars per day, this according to the global market research firm, ihs. that is 1.6 billion dollars per week, and while the total impact is difficult to measure, it is expecting the longer it goes on, the more devastating the shutdown will be to the economy, so how does it compare to other disasters? well, if it goes on for three or four weeks, it could cost the economy about 55 billion dollars, according to moody's analytics, and that puts the shutdown in the same range of some natural disasters. take hurricane sandy, for example, the storm ravaging the eastern seaboard one of the largest on record, costing a record $60 billion in damages. hurricane katrina in 2005 was one of the deadliest and costliest natural disasters in history at a cost of 108 billion dollars in damages, according to the national hurricane center, and the bb oil spill that poured millions of gallons of oil into the gulf was one of the worst
Oct 14, 2013 2:15pm EDT
, the impact on our economy, it's in every state in the country. but it's particularly in the state i represent, it's been devastating. one more number i want to give you, and that is the metro system depends upon the federal workforce here. they need a revenue in order to keep the system operating in a modern way, full capacity, safety issues, et cetera. their ridership is down 23%. their revenues are down 23%. what's the metro going to do? so the impact of this shutdown has had incredibly damaging impact on our economy, on families. so many federal workers, as you pointed out, we have two parents, husband and wife both working for the federal government, both on furlough. so many federal workers live paycheck to paycheck. and there's now -- recognize that go that paycheck is not going to be the full paycheck, might not be any paycheck. how are they supposed to pay their bills? i talked to one of my constituents in maryland who works for a federal agency. he and his wife have both been furloughed. he just recently bought a home. he has a mortgage payment to make. the mortgage company isn't goi
Al Jazeera America
Oct 8, 2013 5:00pm EDT
is shutdown. the world's largest economy defaulting on its debt is no laughing matter. >> the ongoing political uncertainty over the budget, over the debt ceiling does not help. the government shutdown is bad enough, but failure to raise the debt ceiling would be far worse. and could very seriously damage not only the u.s. economy, but also the entire global economy. this is mission critical that this be resolved as soon as possible, mission critical. >> they are no strangers to terms as mission critical. nations across the continent are still weary. deputy in austerity, riots and high unemployment greece announced it is only now projected to make positive gdp growth in six years. a global hit such as an u.s. default could risk everything. in japan, they are serious about the stateside stalemate. >> to ensure that this problem does not spill across in a manner of issues we call on congress to work hard at negotiationnegotiations with the house and resolve the deadlock as soon as possible. >> no nation is more worried about an u.s. debt default than it's largest debt holder, china. acc
Oct 9, 2013 4:00am EDT
for middle- class families and the american economy as a whole. that is the latest from the president. that is incomplete reputation of any anonymous statement that any staff person may have said and is pretty clear. i want to come back to you and ask you again, another question. can you guarantee that if this commission were to meet and bring out findings, that you and or the speaker can guarantee that tea party members will support those recommendations? >> i thank the gentleman for yielding and i would like to say mr. boehner does recognize your friendship and support of your district and is delighted that you are here on the rules committee with us. that is an outstanding question. i would say that as the american people hear the debate that takes place between these members who would be there, we hope that the american people really engage on this issue that would have great leverage with all of our members and it would be i think beneficial. as best i can tell you, as i look at the gentlewoman from new york, i think the american people do need to see how we are going to do this.
Oct 11, 2013 12:00am EDT
. that is a pretty significant part of our economy, home construction and home sales. could one anticipate that there will be less revenue coming from hat sector of the economy into the federal government if we continue on this path? >> absolutely. ou would have less revenue coming into the federal government as well as the state governments. you are not going to have the same revenue base because of that. this is 1% rate increase just because of this. it does not encrypt -- considering the rate increases we will have over time, which we will have. this is a bump in the rates immediately because of the risis. it is going to have a detrimental effect on the housing industry, which obviously has a detrimental effect on the overall economy. >> is it reasonable to assume that other sectors of the economy -- for example, car loans -- car lots would make less money, pay less in taxes, nd people would be paying more a lot -- paying more for that purchase? >> the payments you have to make, whether it is rolling over an existing loan or purchasing a new home, it is that much less that they can spen
Oct 15, 2013 9:00am EDT
later. is just sothing that dangerous to do to the u.s. and global economy, we should not be attempting it. danger, would the you and other democrats agreed to a gop provision that would deny the secretary of the borrowing?wers on guest: the details are being worked out. that is something that we are working on. we will see where they come down on it. i just hope that what we do not do is set up another crisis down the road. the american people are wearing a little thin with his antics. if, two months from now, we are facing another possible default, that will not be good for the confidence we need to get the economy functioning, get the good paying jobs we desperately need. the truth is, a growing economy solid a lot of these problems. that is what we should be focusing on, where we can partner with the private sector. unfortunately, the dysfunction coming out of congress is more of a hindrance to growth, rather than helping. is next in tennessee. republican caller. caller: good morning. you had a caller a few minutes ago talking about how the tea party people are called extremists and
Al Jazeera America
Oct 15, 2013 7:00pm EDT
" is next with al jazeera. >> deal or no deal damage has been done to the u.s. economy and job market. and they're highly educated but struggling to make ends meet. a look at america's new working poor. >>> plus talking about recession resistant. now one entrepreneur made an entire business out of meatballs. i'm ali velshi, and this is "real money." >> this is "real money." you are the most important part of our show. so join the conference by using the #aj real money. we're 15 days into a government shutdown. and new study warns even if the u.s. temporarily defaults on its obligations a brief recession could be the result in 2014. that would push the jobless rate to 8.5%. it would cost 2.5 million jobs according to macroeconomic advisers firm in st. louis and others have predicted similar forecasts. others predict the recession would last longer and unemployment would rise to 8.9%. 3.1 million jobs lost. blame will rest squarely on the officials you collected to washington. here's why, the whole percentage point has been shaved off economic growth since 2010. if not for the uncertain
Al Jazeera America
Oct 9, 2013 1:00pm EDT
for republicans to drag out this process and force the nation's economy to edge ever closer to catastrophic default. >> reporter: now there was a rally on the government steps talking about reopening the government and getting some movement. the district of columbia, the finances are very tied to the federal government. the two democratic bodies ended up coming to a conflict. we saw a private discussion there amongst the fray between senator harry reid and the mayor of d.c. vincent gray. as everyone watched like politico, the two had a moment where there seemed to be tension. the administration is saying democrats vote yes on this piecemeal bill that the house republicans have put forth that would fund us. this is adding to interesting conflicts and it's not all just democrats and republicans. >> speaker john boehner continues to stress that republicans are using the debt ceiling for political leverage, how is that playing out in the polls? >> reporter: we're watching to see how the american public is interpreting two things. both this march towards the debt ceiling but also the government
Oct 15, 2013 5:00pm PDT
's government is doing america's economy and the world economy potential harm. >> has the shut down, the fight already hurt the economy? >> absolutely, $20 billion already the damage to the economy but, you know, you talk to families that don't have a disability payment or talk to people who work with a contract with the government and haven't been able to get paid or somebody that has to be licensed and can't do their job because they are tied up in paperwork. they are feeling that at the kitchen table now. when you go back to 2009, you're talking about hundreds of thousands of jobs that should have been created that weren't because of the budget battles at a time when we really need to have traction in the economy, and again, anderson, from outside these walls, people look in. wall street looks in. people like the ratings agencies look in and say this was another wasted day in washington and we are too close to the edge. >> appreciate the update. congressman king joins me now. thanks for being with us. >> thank you. >> how do you describe what you've seen today? >> the game is over. we have
Oct 13, 2013 10:00am EDT
is using our economy as a bargaining chip to repeal the affordable care act. we are not going to let that happen. the affordable care act is not going to be dismantled in this budget fight. the issue is not up for debate. our committee wrote the affordable care act. i am always open to this committee working together to strengthen the law to better serve the american people. as the president said, we cannot negotiate under the threat of default on the nation's bills. before any debate, any deliberation, we need to reopen the government and pay the nation bills, no strings attached. then, we need to work together, return to regular order, address the nation's long-term budget challenges, including entitlement and tax reform. right now, we need to prevent another self-inflicted wound to the economy. that is what he faulting on the debt is, a self-inflicted wound with global consequences. the deadline is fast approaching. in seven days, the u.s. treasury will have exhausted all extraordinary measures to stay under the debt limit. the u.s. will be at the risk of defaulting on payments. t
Oct 8, 2013 3:30pm PDT
the shots in the house. >> we didn't get a downgrade because of the impasse, but because of obama's economy and this dechlt $17 trillion of debt, unfunded liabilities which obama has stated he has no intention to do anything about. but obama has got his way, not withstanding your statement that we keep having gridlock. he got his way on the stimulus, obama care, dodd frank. and on the ways he can't get his way on, he has done an end run around with the executive order. it's shameful what's going on. and look at the results of obama's agenda being implemented. the worst recovery in 60 years. you talk about the best debt reduction in 60 years? you compare it to a different base lean of 1.1 trillion starting. and he has only reduced the deficit because republicans made him. you guise ought to be ashamed -- >> successful negotiations. >> i am scared of our future, for our future, because we won't do anything to rein in the debt and spending. >> are you ashamed of his record? >> i think it's fair to say i am not ashamed of the president's record because i was there. >> when they reelected him. >
Oct 10, 2013 8:00am EDT
debts. yet today a small group of hard liners is using our economy as a bargaining chip to repeal the affordable care act. met me be clear -- let me be clear, we're not going to let that happen. the affordable care act is the law of the land, it is not going to be dismantled in this budget fight. the issue is not up for debate. our committee wrote the affordable care act. i'm always open to this committee working together to strengthen the law to better serve the american people. but as the president said, we cannot negotiate under the threat of default on the nation's bills. before any debate, before any deliberation, we immediate to reopen the government -- we need to reopen the government and pay the nation's bills, no strings attached. then we need to work together to return to regular order, we must address the nation's long-term budget challenges working together including entitlement and tax reform. but right now we immediate to prevent -- we need to prevent another self-inflicted wound to america's economy. that is what defaulting on the debt is, a self-inflicted wound wit
Oct 15, 2013 12:00pm EDT
, we don't know the full extent to the damage our nation's economy would suffer. but here's what we do know. default would mean higher interest rates for over 278,000 new yorkers with mortgages, loss of disability benefits for over 100,000 new york veterans and the threat of being unable to pay social security and medicare drug reimbursements to over 3,000 new yorkers. mr. speaker, the argument by some in this chamber that defaulting on our debt wouldn't be a big deal is outrageous. putting the full faith and credit of our nation, not to mention the strength of the world economy, on the line simply to prove a political point is both reckless and irresponsible. this house must put the best interests of the american people first and avert this disaster so we can get back to rebuilding to economy and nation building right here at home. i yield back the balance of my time. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from new jersey seek recognition? >> i ask unanimous consent to address the house for one minute. the speake
Oct 10, 2013 10:00am PDT
. as senate democrats are working on, as we speak. you know, it would be far better for the economy if we stopped this episodic brinksmanship and, you know, mothballed the so-called nuclear weapon here, threat of default for a longer duration. but is it certainly, at least an encouraging sign that, based on today's statement by the speaker, they're not listening to the debt limit and default deniers who seem to suggest against all of the accumulated wisdom of financial experts that somehow it would be okay for the united states to enter territory it had never entered before and threaten default for the first time in our history. so that's our initial response. >> will the president sign short term -- >> well, let's say this. we have seen nothing, obviously no proposal, from house republicans yet. there's no bill to look at. as i just said, the president strongly prefers a longer-term resolution so that we can get away from this periodic brinksmanship. if there's a recognition we can't default, why is there an insistence or the implication that you keep the nuclear weapon in your back pock
Oct 8, 2013 10:00am EDT
are furloughed. it doesn't take into account the ripple effect throughout our overall economy. where are the deficit hawks who claim we don't have enough money to provide benefits to hungry americans in the farm bill? where are the members who shamefully held up the disaster relief after tropical storm eye reason and hurricane sandy while insisting spending be offset? surely they would want to put a stop to the shutdown to end this wasteful government spending, and yet here we are waiting for the republican leadership in the house of representatives to pass the clean continuing resolution to put an end to the shutdown. instead of passing a clean senate-passed continuing resolution pending in the house, based on budget levels that as the leader pointed out that the republicans themselves wanted, the proposals being offered by house republicans would actually expand the deficit. first the house proposed we repeal the affordable care act because of claims it was harmful to our economy, but if we repealed it, we would actually accelerate the health care costs, we would boost the federal
Oct 9, 2013 12:00pm PDT
this ability to keep the economy going with the low interest rates. that is something which we have seen get bipartisan support especially behind closed doors with the folks who make the most important decisions on that. i'll go to take letter at cnbc. >> luke, thank you very much. pej koouk is perfectly. miss yellen's appointment which we're expected to see here in minutes is widely cheered on wall street. i'm a little hesitant to say the rally is a yellen rally but it didn't hurt. she is widely perceived to be an individual who backs the aggressive bond buying that has been pioneered by chairman bernake that helped wall street and stock and other asset values. his policies have generally been regarded as favorable towards wall street and she's considered to be in line, more concerned if you have to weigh the two, between keeping the economy growing and expanding rather than fighting inflation. that other side of the coin is where republicans might take some whacks at her because they believe the continued monetary stimulus or pushing money into the system is ultimately destructive to the v
FOX Business
Oct 10, 2013 8:00pm EDT
is shocking. >> now is the time to grow our economy, not shut it down, to attract or jobs, if deblasio wins he's to raise taxes that is bad for small, main street, it means people will not bring their capital or jobs to new york city. iiwant to lower capital gains in new york city to attract the jobs. charles: people in new york city it makes someone making a hundred grand saying i am not making enough for what is being taken out of my pocket. what do you make of the idea that people who are doing well feel like they are victimized? >> right now, in new york city, we have to focus on small be, the growth of something business and entrepreneurship. charles: you are a successful pa sure, you are like the poster child of entrepreneur, how do you articulate that to a bunch of people riding a subway train at this moment. >> a lot of people in new york want to start companies, and unleash their official, if deblasio comes in and raises taxes and anti-business they are not going to want to do that we want people to start their own companies, i want to make sure people can start their own companies no
Oct 10, 2013 7:30am EDT
very fragile. we see the word economy basically bottoming out everywhere. but all the economies are still vulnerable. we have a difficulty in europe bottoming out. so we don't know where the situation is going. and additional risks are a problem. and this is a biggest problem with the u.s. and the fiscal situation in the u.s. we don't need additional risks. >>en a you mentioned emerging economies are very vulnerable. we actually have a graph that shows how currency have been affected. let's take a look at that. and maybe you could shed some insight into that. >> what we see here, the indonesia rupiah already was the talk about tightening monetary policy in june has depreciated a lot because risks are going up. while the japanese yen has been driven by international events and trending upward. so basically, everybody's affected by the situation in the u.s. right now. >> and we can't, of course, forget europe. euro zone debt issues seem to have taken a back seat with everything else that is going on. but what are the ricks that could trigger another crisis? >> we have the same sit
Oct 13, 2013 7:00am PDT
of strength the united states economy was showing before washington went to war with itself. and on who's at fault and why president obama missed two important summits, someone else is taking advantage and iran versus israel. is there a war in their genes? in trying to explain how washington got into the mess it is in, pundits and politicians have focused on ideology. they point out the country has become more polarized as have the political parties in particular the republican party. the diagnosis is accurate but there's another distinctive cause of the current crisis which might have even more long lasting effects. the collapse of authority especially within the republican party, which might mean that these new tactics of threats, crises and deadlock are the new normal. the face of the republicans look like it did in '95 and '96 when the party stood its ground and shut down the government. that movement was led by the speaker of the house, newt gingrich, who directed it from start to finish. john boehner by contrast acknowledged that his understanding of leadership is to sort of manag
Oct 8, 2013 8:00pm PDT
. >> we didn't get a downgrade because of the impasse but because of obama's economy and this debt. $17 trillion of debt, 90 trillion of unfunded liabilities which obama has clearly stated he has no intention to do anything about. but obama has gotten his way notwithstanding your statement that we keep having gridlock all over the place, he got his way on the stimulus. he got his way on obama care. dodd frank. and on the things he can't get his way legislationively he's gone around congress with the executive order. look at the results of obama's agenda being implemented. the worst recovery in 60 years. you guys talk about a debt reduction in 60 years best? that's because you compare it to a different baseline of 1.1 trillion starting. and he has only reduced the deficit because republicans made him. you guys ought to be ashamed. >> successful debt ceiling negotiations. >> thank you. you ought to be ashamed of his record with all due respect. i am scared of our future. for our future. because we won't do anything to reign in the debt and spending. >> bill are you ashamed of his record?
Oct 10, 2013 12:00pm EDT
. madam president, no party gets to threaten the american economy and shut down the government when they don't get their way. no party gets to jeopardize middle-class families' 401(k)s or senior citizens' retirement savings or set our economic recovery back just because their positions aren't strong enough to prevail on their own. that just isn't the way to address our nation's shared problems. and trust me, our debt and deficits are a shared problem. we can do better. madam president, i want to begin to conclude by again referring to the coloradoans i'm so fortunate to represent, just like the presiding officer, i know, is honored to represent the good people of wisconsin. coloradoans have shown the true strength of our state in the wake of this tragic flooding that literally has wiped communities off the map and destroyed thousands of homes. if we could have done anything to prevent that natural disaster, we would have. we now face a potential man-made disaster. we've got to protect americans from a looming man-made disaster that's emerging right here. we've got to bridge the part
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